NEW YORK (TheStreet) -- Shares of Google , are falling as the market climbs, after research firm Stifel downgraded the stock to Hold from Buy. The firm believes that Google's stock lacks positive catalysts and may have already seen its best days. WHAT'S NEW: Google's core search business is maturing, and its non-search business has lower margins, Stifel analyst Scott Devitt wrote in a note to investors. Meanwhile, the search business faces competition from e-commerce companies including Amazon.com and Google may have difficulty monetizing its search engine any further, Devitt contended. Google's stock has been "odd" over the last few years because its fluctuations have been driven entirely by changes in the company's multiple, rather than changes to earnings estimates, according to the analyst. After analyzing multiple data points, including fund flows, the analyst does not expect the stock to decline significantly, but he does not anticipate that it will rise meaningfully or undergo multiple expansion. PRICE ACTION: In early trading, Google class A shares slipped 1.2% to $499.23. Reporting by Larry Ramer.
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